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every few days the ongoing political uncertainty over the budget over the debt ceiling does not help the government shutdown is bad enough but phil you to raise the debt ceiling would be far worse. and could very seriously damage not only the u.s. economy but also the entire global economy. in the meantime in less than two weeks america will run out of money unless lawmakers agree to raise the debt ceiling the failure will lead to devastating effects warning from the u.s. treasury department's predicting an unprecedented default with catastrophic consequences with the collapse of the american economy sending shock waves across the globe and doing with the financial crisis and recession was the two thousand and eight meltdown. the u.s. government shutdown is taking its toll on the president's plans as well was barack obama forced to cancel a trip to asia and mr summits the federal stoppage as place hundreds of thousands of workers on paid leave is costing the american economy at least three hundred million dollars every day hitting businesses and consumer confidence qantas leaving fro
every few days the ongoing political uncertainty over the budget over the debt ceiling does not help the government shutdown is bad enough but phil you to raise the debt ceiling would be far worse. and could very seriously damage not only the u.s. economy but also the entire global economy. in the meantime in less than two weeks america will run out of money unless lawmakers agree to raise the debt ceiling the failure will lead to devastating effects warning from the u.s. treasury department's...
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Oct 8, 2013
10/13
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MSNBC
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every major spending reduction deal of the last 30 years has been done with the debt ceiling. the president is the one that is saying he wants to change that trend, and do this entire debt ceiling proposal without any efforts. >> with all due respect sir, the democrats have come down to about the paul ryan spending number. what you just talked about, the compromises you want, are still on the affordable care act, which are not about spending. that is a settled policy. you're still tying the affordable care act to raising the debt ceiling. you just did it. >> no, i mean, i -- you're -- i'm not -- we've got two issues here. the continuing resolution, the proposals i talked to about the affordable care act are connected with the continuing resolution. what i've told you with the debt ceiling is that we ought to focus on bringing spending reductions to the table like we have done with every major -- every president over the last 30 years. we ought to do it now, too. frankly, i think, though, it's way bigger than that for america. we're at a point now where the president and harry
every major spending reduction deal of the last 30 years has been done with the debt ceiling. the president is the one that is saying he wants to change that trend, and do this entire debt ceiling proposal without any efforts. >> with all due respect sir, the democrats have come down to about the paul ryan spending number. what you just talked about, the compromises you want, are still on the affordable care act, which are not about spending. that is a settled policy. you're still tying...
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Oct 16, 2013
10/13
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ALJAZAM
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we have raised the debt ceiling every year since 1979. so it was just politics. and we knew they wouldn't take us over the cliff it was too critical. we have a big bond auction tomorrow, $100 billion. if that were to fail it would be total havoc. halloween we have a huge debt due, so there was no way this was going to continue. that's why you never really saw the market fall off. we felt all along it was just politics playing it's a out, which was just drama, and it would work out. >> thank you very much indeed. that is alan valdez from dmv securities. dell back to you. >> john thank you very much. >>> and your guest may have been ahead of himself a little bit. they have not done exactly what he said they have done, but we are expecting them to do it. >>> markets in europe and asia also reacting to the situation? washington. phil joins live in london. how are the european and asian markets reacting to possible news in the senate? >> reporter: well, they haven't really been shook too hard by this. there is a general sense that as you heard on wall street, there's
we have raised the debt ceiling every year since 1979. so it was just politics. and we knew they wouldn't take us over the cliff it was too critical. we have a big bond auction tomorrow, $100 billion. if that were to fail it would be total havoc. halloween we have a huge debt due, so there was no way this was going to continue. that's why you never really saw the market fall off. we felt all along it was just politics playing it's a out, which was just drama, and it would work out. >>...
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Oct 8, 2013
10/13
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ALJAZAM
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. >> every night share undiscovered stories. >> we're back talking about the risks of the debt ceiling. >> jill, you help dea governmens deal with their debt issues. what happens when states go into default? >> usually it's not the size of the united states. when a country defaults--first of all, a country does everything in its power to avoid a default, and it will engage with interested parties long before a default would actually occur. in order to avoid that default. they would like to negotiate a solution or some kind of alternative scenario. >> pushing off debt. >> yes, proverbial kicking the can down the road? you would find some other solution rather than defaulting on your correct. >> now you think that this is a game of chicken and each side is waiting for the other side to blink first. if we go down this road and the president does not use some form of executive power or there is still some stalemate how does that impact the view of the united states internationally, particularly those who hold the most debt, the chinese and japanese? >> i think it's very problematic if the
. >> every night share undiscovered stories. >> we're back talking about the risks of the debt ceiling. >> jill, you help dea governmens deal with their debt issues. what happens when states go into default? >> usually it's not the size of the united states. when a country defaults--first of all, a country does everything in its power to avoid a default, and it will engage with interested parties long before a default would actually occur. in order to avoid that default....
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Jan 29, 2013
01/13
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CNBC
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we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come out of the market and that there's overwhelming sentiment that coss i solve the get problem. we asked wall street to grade our treasury secretary going out and one coming in. you can see a pretty strong sentiment that he was a seed secretary with a 2.2. jack lew, the sentiment there. 2.0. one more thing on the deficit i just want to say and maybe this is worthy of discussion here. i think this is a sign that things have improved, at these economists and guys on wall street are saying we should solve the deficit and do it now. i think if things were as bad as they were say the last couple years there might be less sense that we urgently need to fix the deficit problem. mike england from action economics said if we
we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come out of the market and that there's overwhelming sentiment that coss i solve the get problem. we asked wall street to...
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Dec 18, 2013
12/13
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BLOOMBERG
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house or the the senate is willing to give the president a clean debt ceiling increase. every time the president asks us to do that is a good time to try to achieve something important for the country. so with one battle almost out of the way, a new one is gearing up. democrats have no plans to negotiate over the debt limit. republican lawmakers are discussing when they hope to get out of it. february 7 is when the debt ceiling suspension negotiated in october shutdown deal expires. expect another showdown then. >> yang yang in washington. the current congress is on its way to establishing a new record, one that it cannot be proud of. congress is going to have its least productive year ever with 57 laws enacted so far. the former record low was 88. phil mattingly has more on what is being called the do-nothing congress. historic. that is the most accurate way to describe the inaction in congress. this group will clear the fewest number of loss in history. congress third time has cleared fewer than 100 laws and marks a new law for the five years president obama has been i
house or the the senate is willing to give the president a clean debt ceiling increase. every time the president asks us to do that is a good time to try to achieve something important for the country. so with one battle almost out of the way, a new one is gearing up. democrats have no plans to negotiate over the debt limit. republican lawmakers are discussing when they hope to get out of it. february 7 is when the debt ceiling suspension negotiated in october shutdown deal expires. expect...
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Dec 13, 2013
12/13
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CSPAN
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i think you know every package has been attached to a debt ceiling. even today's budget control act, every president in your lifetime and my lifetime has negotiated on a debt ceiling. i've had our capable staff resterge issue. the debt ceiling tends to be the early warning system that spending is out of control yet on september 15 of this year the president took the unprecedented and radical action of stating i will not negotiate on the debt ceiling. so is it the position of this administration that if congress does not functionally repeal the debt ceiling and allow the president to spend what he wishes that he is threatening default on our sovereign debt? >> mr. chairman, i would disagree with the characterization of the debt ceiling as an early warning. the debt ceiling is at the very end. all the decisions congress makes on entitlement programs that determines -- >> are you aware of any other president in our lifetime who has taken the radical position of stating he will not negotiate deficit reduction on the debt sealing? >> mr. chairman i think w
i think you know every package has been attached to a debt ceiling. even today's budget control act, every president in your lifetime and my lifetime has negotiated on a debt ceiling. i've had our capable staff resterge issue. the debt ceiling tends to be the early warning system that spending is out of control yet on september 15 of this year the president took the unprecedented and radical action of stating i will not negotiate on the debt ceiling. so is it the position of this administration...
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Sep 3, 2013
09/13
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CNBC
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ceiling loom larger every day. will the president be forced to make some deals on those issues to win enough votes on syria? peter orszag used to be in the middle of such affairs as white house budget director. he is now vice-chairman of global banking at citigroup and he's back with us today. peter, good to see you. >> good to be here. >> let me begin with syria. the president needs the votes. today, we heard john boehner say he agrees with the president, military action. would there be a scenario where some congressman would say, okay, i'll give you a yes and i will agree with you on syria, but i need some concessions when it comes to the debt ceiling and cutting back on spending? >> well, they may say that, but the question is, where is that middle ground? because it's really hard -- congressman goes to the president says, i'll give you a vote on syria in exchange for delaying obamacare? i don't think so. the question is, what would that congressman or woman ask for in exchange, that the president could actually
ceiling loom larger every day. will the president be forced to make some deals on those issues to win enough votes on syria? peter orszag used to be in the middle of such affairs as white house budget director. he is now vice-chairman of global banking at citigroup and he's back with us today. peter, good to see you. >> good to be here. >> let me begin with syria. the president needs the votes. today, we heard john boehner say he agrees with the president, military action. would...
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Jan 5, 2013
01/13
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CNNW
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the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government spends. the current debt ceiling was officially hit on december 31st, but like last time the u.s. treasury is using extraordinary measures to get it through. and sometime about late february or early march, they might. if congress doesn't act by then, the government risks not being able to pay some of its bills. now, as if that's not enough, by march 1st we could be heading off the sequester cliff. that's because the fiscal cliff deal that passed last week put off what to do with government spending for two months. blanket cuts are still mandated by
the debt ceiling law was established to give the u.s. treasury the flexibility to borrow money without going to congress to get approval every time a bill was passed. it had absolutely nothing to do with spending control or debt control. it was a technicality. most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. republicans seem to think the debt creeling is is a good tool to limit how much the government...
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Jan 28, 2013
01/13
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CSPAN2
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and we have sort of the best to come yet because we haven't decided on the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us on vietnam, on the watergate crisis, and we came charging back. i think we will do here. but it would be nice if we didn't have to go to the cliff each time to do it. >> and again, when you start talking about the kind of relationships and the kind of leadership, you know, we still seem to have this atmosphere where people talk more at each other than trying to find some common ground, some common goal in getting it down. you broach the whole growth of growth and jobs, and that is the answer to all of us. you also talk a lot about contagion on this one. we all sensed that if the european situation got worse, and they represent 23% of world gdp, the effect it's going to have on the united states, india, brazil, it's going to be real. and so with 40% of export coming here to the united states and so forth, all of a sudden we started to see
and we have sort of the best to come yet because we haven't decided on the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us on vietnam, on the watergate crisis, and we came charging back. i think we will do here. but it would be nice if we didn't have to go to the cliff each time to do it. >> and again, when you start talking about the kind of relationships and...
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Oct 8, 2013
10/13
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FOXNEWSW
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nobody has seriously threatened to breach the debt ceiling until the last few years. and this is our word and our good name. this is real. and the government shut done millions faced hardship in a economic shut done. every american could see their 401 cave and home values fall. and student loans rise and there could be a significant risk of a very deep recession at a time when we are still climbing our way out of at worst recession. the american people have fought too hard and too long from wuon crisis only to see one precipitate another one. the good news is over the past three rand a half years, new businesses created new jobs. we cut the deficit in half. it is coming down faster than any time in the last 50 years. america is poised to become the number one energy producer this year. this year we are pro duducing m oil than we are importing. but the uncertainty caused by one week has reconsidered businesses to think about hiring and seen mortgages held up by thousands of home buyers not sure about the economic situation. and all of this adds to it. we can't afford t
nobody has seriously threatened to breach the debt ceiling until the last few years. and this is our word and our good name. this is real. and the government shut done millions faced hardship in a economic shut done. every american could see their 401 cave and home values fall. and student loans rise and there could be a significant risk of a very deep recession at a time when we are still climbing our way out of at worst recession. the american people have fought too hard and too long from...
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Jan 19, 2013
01/13
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CNN
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in the last ten years alone we've raised the debt ceiling every year with the exception of one. america's concerns about the federal budget deficit and government dysfunction rose high enough in january to actually knock unemployment out of the top spot on gallup's list of most important problems for the first time since 2009. i want to bring in a man who's played a leading role in actually passing budgets through all parts of the budget process. he was the chairman of the house budget committee. jim nuss el guided six budgets through congress, served as the director of the office of budget and management. his nickname is knuckle, which is pretty cool. from 2001 to 2007 you were the house budget chief. today that job belongs to paul ryan. why were we able to get budgets done when you ran things and can't do it anymore? try not to give me a particularly political or partisan answer. >> it's all personal ability, of course, right? no. look. these are good people trapped in a very difficult if not terrible situation. with a process they're not even using anymore. you went through a
in the last ten years alone we've raised the debt ceiling every year with the exception of one. america's concerns about the federal budget deficit and government dysfunction rose high enough in january to actually knock unemployment out of the top spot on gallup's list of most important problems for the first time since 2009. i want to bring in a man who's played a leading role in actually passing budgets through all parts of the budget process. he was the chairman of the house budget...
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Dec 20, 2013
12/13
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BLOOMBERG
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ceiling increase every time the president asks us to raise the debt ceiling. early in 2014, expect washington to be back in crisis mode. still ahead, new auto safety rankings out today. we will tell you about some new technology that is a major game changer in the auto industry. we will break down the numbers when "bottom line" on bloomberg television continues in just a moment. ♪ >> welcome back to the second half-hour of "bottom line." i am mark crumpton in new york. thanks for staying with us. let's check where the markets finished this session and we hit the bottom of the hour. up. stock indexes ended ready much where they started after a powerful surge on wednesday following the fed news that it would begin reducing its bond buying programs. broader market s&p 500 was down one point at 1809. the dow jones industrial average falling -- excuse me, rising 11 points. the nasdaq composite index, it felt almost a third of a percent at 4058. let's check some of the top stories we're following at this hour. the sales of previously owned u.s. homes dropped for t
ceiling increase every time the president asks us to raise the debt ceiling. early in 2014, expect washington to be back in crisis mode. still ahead, new auto safety rankings out today. we will tell you about some new technology that is a major game changer in the auto industry. we will break down the numbers when "bottom line" on bloomberg television continues in just a moment. ♪ >> welcome back to the second half-hour of "bottom line." i am mark crumpton in new...
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45
Nov 20, 2013
11/13
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CSPAN
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eye 45
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when the debate -- when we shut down the government and the debate around the debt ceiling happened, it sent the shivers down the spine of every business around the world and many consumers. now we have resulted, but only shifted. come january and the next deadline, what do we have to expect? >> that is why i was not a big fan of the way it was done because it was a can kicking exercise. this is what sends shivers down my spine. is that we go into next year when the federal reserve begins to normalize our policy and perhaps interest rates begin rising and we will not have taken advantage of this low- interest rate moment to get a down payment on our debt. we know from the cbo that our debt is about to take off in a few years and never come back down if we don't do anything about it. we have 100% increase on the population and only 17% increase in the worker population paying for their programs. in the cost of the programs that the user growing 60% a year. that is a whole lot faster than the economy, wages or inflation. so this is our concern. what we get from the resident is just giv
when the debate -- when we shut down the government and the debate around the debt ceiling happened, it sent the shivers down the spine of every business around the world and many consumers. now we have resulted, but only shifted. come january and the next deadline, what do we have to expect? >> that is why i was not a big fan of the way it was done because it was a can kicking exercise. this is what sends shivers down my spine. is that we go into next year when the federal reserve begins...
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Jan 21, 2013
01/13
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LINKTV
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seems to be working for the debt ceiling debate.at expect every major issue in the coming months and years to be a major campaign style eve. >> obviously it sounds like there will be a lot of focus domestic issues. what about foreign policy? >> history shows us that presidents in their second term focus more on foreign policy than the first term and try to forge a legacy. bill clinton did that in his second term. barack obama will try to focus more on the middle east, maybe more on syria. the most pressing issues are domestic. his voters expect him toct on that. he will attack in the first two years. history also tells us after the midterm election of a second term president start to fade away into sort of a lame duck status. >> interesting analysis there. thank you very much, max. in more international news suicide bombers and gunmen attacked afghanistan's travel police leaving three officers dead and more than three wounded. rather assault began at dawn at the entrance to the complex, the second coordinated raid in as many weeks. taliban claim responsibility. it is feared there cou
seems to be working for the debt ceiling debate.at expect every major issue in the coming months and years to be a major campaign style eve. >> obviously it sounds like there will be a lot of focus domestic issues. what about foreign policy? >> history shows us that presidents in their second term focus more on foreign policy than the first term and try to forge a legacy. bill clinton did that in his second term. barack obama will try to focus more on the middle east, maybe more on...
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Nov 20, 2013
11/13
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CSPAN3
tv
eye 97
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when we shut down the government and debate around the debt ceiling happened, it sent shivers down the spine of pretty much every business leader around the world, and i think also many, many consumers. now we have resolved it, but only to shift it, so come january, come the next deadline, what do we have to expect? >> that's why i wasn't really a big fan of the way it was done, because it was just a can-kicking exercise. here's what sends shivers down my spine, is that we go into next year where the federal reserve begins to taper, begins to normalize their policy, and perhaps interest rates begin rising and we will have not taken advantage of this low-interest rate moment to get a down payment on our debt. we know from the cbo that our debt is about to take off in a few years and never come back down if we don't do anything about it. we have 100% increase in retirement population and 17% increase in the worker population paying for their programs and the cost of those programs they use is growing 6% to 8% a year. that's a whole lot faster than the economy, wages, or inflation. so thi
when we shut down the government and debate around the debt ceiling happened, it sent shivers down the spine of pretty much every business leader around the world, and i think also many, many consumers. now we have resolved it, but only to shift it, so come january, come the next deadline, what do we have to expect? >> that's why i wasn't really a big fan of the way it was done, because it was just a can-kicking exercise. here's what sends shivers down my spine, is that we go into next...
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Jan 21, 2013
01/13
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KCSMMHZ
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eye 71
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seems to be working for the debt ceiling debate. expect every major issue in the coming months and years to be a major campaign style event. >> obviously it sounds like there will be a lot of focus domestic issues. what about foreign policy? >> history shows us that presidents in their second term focus more on foreign policy than the first term and try to forge a legacy. bill clinton did that in his second term. barack obama will try to focus more on the middle east, maybe more on syria. the most pressing issues are domestic. his voters expect him to act on that. he will attack in the first two years. history also tells us after the midterm election of a second term president start to fade away into sort of a lame duck status. >> interesting analysis there. thank you very much, max. in more international news suicide bombers and gunmen attacked afghanistan's travel police leaving three officers dead and more than three wounded. rather assault began at dawn at the entrance to the complex, the second coordinated raid in as many weeks
seems to be working for the debt ceiling debate. expect every major issue in the coming months and years to be a major campaign style event. >> obviously it sounds like there will be a lot of focus domestic issues. what about foreign policy? >> history shows us that presidents in their second term focus more on foreign policy than the first term and try to forge a legacy. bill clinton did that in his second term. barack obama will try to focus more on the middle east, maybe more on...
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Dec 20, 2013
12/13
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MSNBCW
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inquiries, every time the president asks us to raise the debt ceiling is a good time to try to achieve something important for the countr
inquiries, every time the president asks us to raise the debt ceiling is a good time to try to achieve something important for the countr
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Sep 7, 2013
09/13
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CNNW
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issue, remember the debt ceiling or issue or whatever it is, but when it's a serious contemplation, an act of war or a response to aggression by the assad regime. everybody is watching how it goes, because many people are reeling from the shock that britain delivered in its parliament when they voted down prime minister cameron in his authority to take action, and the question is who is maintaining the word order? america can play an intrusive role in some of the majorly important interventions and responses that have to be taken. >> one of the big problems facing president obama right now is that many americans are against the military action in syria, and many americans reeling from the wars in a iraq and afghanistan which cost more in blood and treasure than many first estimated and it makes it difficult for the president to rally for support here and abroad. what does this president risk if the united states fails to follow-through on holding the red line? >> you are right, it's unpopular in the united states and unpopular in britain where the prime minister was delivered a crus
issue, remember the debt ceiling or issue or whatever it is, but when it's a serious contemplation, an act of war or a response to aggression by the assad regime. everybody is watching how it goes, because many people are reeling from the shock that britain delivered in its parliament when they voted down prime minister cameron in his authority to take action, and the question is who is maintaining the word order? america can play an intrusive role in some of the majorly important interventions...
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Oct 8, 2013
10/13
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ALJAZAM
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eye 139
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we are going to have an economic problem if we don't raise the debt ceiling. the president has to educate why we can't afford the debt ceiling right now. >> here is the president of the united states, president obama. >> this morning i had a chance to speak with speaker boehner. i told him i was happy to talk to him and other republicans about anything. not gis just issues i think are important, but also issues i thy think are important. i also told him that having such a conversation, talks negotiations should not require hanging in the threats of a government shutdown or economic chaos over the heads of the american people. think about it this way. the american people do not get to demand a ransom for doing their jobs. you don't get a chance to call your bank and say, i'm not going to pay my mortgage this month unless you throw in a new car or an xbox. if you are in negotiations around buying someone's house you don't get to say, well let's talk about the price i'm going to pay. and if you don't give me the price i will burn down your house. that is not how
we are going to have an economic problem if we don't raise the debt ceiling. the president has to educate why we can't afford the debt ceiling right now. >> here is the president of the united states, president obama. >> this morning i had a chance to speak with speaker boehner. i told him i was happy to talk to him and other republicans about anything. not gis just issues i think are important, but also issues i thy think are important. i also told him that having such a...
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Jan 14, 2013
01/13
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CNNW
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not careening from a debt ceiling to a fiscal cliff and tax credits that expire every few months. somehow the government as a whole has to come together to give business the confidence it needs. >> the single most important cost that we need to get under control is health care. which now takes up 17% of gdp and still rises much faster than inflation every year. peter orzag ran president obama's office of management and budget during the first term. he says obama care moves us away from a bad model, where doctors and hospitals have a financial incentive to sell you lots of services. >> getting health care costs down is fundamental to the long term fiscal health of the country. what does it need to do in the second term? >> we don't need to wait until 2020. the big gap that remains is medical malpractice reform. what i would favor is finding a safe harbor to a doctor, if you can show you're following an evidence based protocol, i shouldn't be able to sue you. >> tax and health care reform would have huge benefits. but getting them done will be hard. >>> coming up next, is there an e
not careening from a debt ceiling to a fiscal cliff and tax credits that expire every few months. somehow the government as a whole has to come together to give business the confidence it needs. >> the single most important cost that we need to get under control is health care. which now takes up 17% of gdp and still rises much faster than inflation every year. peter orzag ran president obama's office of management and budget during the first term. he says obama care moves us away from a...
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130
Dec 14, 2013
12/13
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BLOOMBERG
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eye 130
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the debt ceiling is suspended until every seven. that's what often we expect ysidro progress next week before they break for the holiday? >> in the senate, we can expect to see a few things. we can expect to see a vote on the homeland security nominee on monday and janet yellen confirmation -- janet yellen's confirmation will be next week. looking ahead to 2014, speaker boehner formally invited president obama to deliver a state of the union address on january 28. the president accepted. mark your calendars. >> again, thank you. we will have more on the budget agreement and what might happen in the senate next week. political strategist at atomic research group will join me for analysis and a look into what could be considered a crystal ball at the eye. that is coming up in 10 minutes. let's get you more from al withs extended interview harry reid for tonight's political capital. the elimination of the filibuster will not change legislation. the rule change was necessary. withu have an agreement mitch mcconnell, so you don't need to
the debt ceiling is suspended until every seven. that's what often we expect ysidro progress next week before they break for the holiday? >> in the senate, we can expect to see a few things. we can expect to see a vote on the homeland security nominee on monday and janet yellen confirmation -- janet yellen's confirmation will be next week. looking ahead to 2014, speaker boehner formally invited president obama to deliver a state of the union address on january 28. the president accepted....
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Dec 15, 2013
12/13
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CSPAN
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i think you know every package has been attached to a debt ceiling. even today's budget control act, every president in your lifetime and my lifetime has negotiated on a debt ceiling. i've had our capable staff research the issue. the debt ceiling tends to be the early warning system that spending is out of control, yet on september 15 of this year the president took the unprecedented radical action of stating "i will not negotiate on the debt ceiling." so is it the position of this administration that if congress does not functionally repeal the debt ceiling and allow the president to spend what he wishes that he is threatening default on our sovereign debt? >> mr. chairman, i would disagree with the characterization of the debt ceiling as an early warning. the debt ceiling is at the very end. all the decisions congress makes on entitlement programs that determines -- >> my time is almost up -- are you aware of any other president in our lifetime who has taken the radical position of stating he will not negotiate deficit reduction on the debt sealing
i think you know every package has been attached to a debt ceiling. even today's budget control act, every president in your lifetime and my lifetime has negotiated on a debt ceiling. i've had our capable staff research the issue. the debt ceiling tends to be the early warning system that spending is out of control, yet on september 15 of this year the president took the unprecedented radical action of stating "i will not negotiate on the debt ceiling." so is it the position of this...
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Oct 17, 2013
10/13
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it will raise the debt ceiling until february 7th. that's not that far away. lawmakers are required to try and hammer out a long-term deal through a bipartisan committee. democrats have weighed in following their vote. >> averting this crisis is historic. let's be honest. this is pain inflicted on a nation for no good reason and cannot make cannot make the same mistake again. >> this is not a happy day. it's a somber day. because at the end of the day, we never should have gone through wa we went through. joining us from washington is tracie potts. they say we shouldn't have gone through what we've gone twlu what are the chances of it repeating again? >> fairly good chance that we'll see some back and forth, but in terms of a shutdown that lasts this long, likely not. there was serious damage done here on damage to the economy, $24 billion loss in the course of this shutdown and very much damage politically to both parties. but especially the republican party. poll after poll has shown that the american public more so than the democra
it will raise the debt ceiling until february 7th. that's not that far away. lawmakers are required to try and hammer out a long-term deal through a bipartisan committee. democrats have weighed in following their vote. >> averting this crisis is historic. let's be honest. this is pain inflicted on a nation for no good reason and cannot make cannot make the same mistake again. >> this is not a happy day. it's a somber day. because at the end of the day, we never should have gone...
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Jan 14, 2013
01/13
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not careening from a debt ceiling debacle to a fiscal cliff to some other issue with tax credits that expire every few months and all that kind of stuff so i think somehow the government as a whole has to come together in order to give business the confidence it needs. >> the single most important cost that we need to get under control is health care. which now takes up 17% of gdp and still rises much faster than inflation every year. peter or zag ran president obama's office of management and budget in the first term. he says obama care moves us away from a bad model where doctors and hospital haves a financial incentive to sell you lots of services. getting health care costs down is absolutely fundamental to the long-term fiscal health of the country. >> i think there's several things. i would point to moving much more aggressively away from fever service, even more rapidly. we don't need to wait until 2020. in addition i think the big gap that remains is medical malpractice reform and what i would favor is a safe harbor to a doctor. if you can show you're following an evidence-base
not careening from a debt ceiling debacle to a fiscal cliff to some other issue with tax credits that expire every few months and all that kind of stuff so i think somehow the government as a whole has to come together in order to give business the confidence it needs. >> the single most important cost that we need to get under control is health care. which now takes up 17% of gdp and still rises much faster than inflation every year. peter or zag ran president obama's office of...
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Jan 6, 2013
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ceiling and, also, you face the sequester across the board on spending. that could be very, very messy. and i think people have every right to be concerned about whether you'll see any kind of sensible resolution between the democrats and republicans. what's worrying is that neither leader, neither john boehner, speaker of the house of representatives, he doesn't seem to be able to control his conservative republicans in the house and mr. obama, president obama, strangely reluctant to take the lead this week. he left it to vice president biden. >> well, again, i would take a rather more optimistic view about the politics, as well. we can all agree that it's a very messy process, politics all over the world in europe and in washington lionel and i both worked for the fd in washington, so, we understand that process reasonably well. i actually think that the next two months are more encouraged about the out look for the next two months for what happened in the last few weeks in washington precisely because in a sense they've gone through a cathartic experie
ceiling and, also, you face the sequester across the board on spending. that could be very, very messy. and i think people have every right to be concerned about whether you'll see any kind of sensible resolution between the democrats and republicans. what's worrying is that neither leader, neither john boehner, speaker of the house of representatives, he doesn't seem to be able to control his conservative republicans in the house and mr. obama, president obama, strangely reluctant to take the...
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Oct 8, 2013
10/13
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something to raise the debt ceiling. democrats argue that might be true, but up until the 11th hour and not down to the wire we are right now and as we were two years ago in 2011. i think in their heart of hearts, republicans probably realize that, but you know what? we are in a very different world than we were even two years ago because of the fact that john boehner has gone down this road that he didn't want to go down to begin with, negotiating first on obama care, on the spend bill, and now on the debt ceiling. he really wanted to start off, wolf, with the debt ceiling. he wanted to put all of their eggs in the debt ceiling basket with regard to negotiations and it got a little muddled and i think republicans up here on capitol hill can see that. so that's why they are having a hard time getting back on the message train, if you will, and the president has been very consistent. i'm not negotiating. you know, we have to pay our bills. we have to pass the debt ceiling increase and fund the government. i'm not negotiat
something to raise the debt ceiling. democrats argue that might be true, but up until the 11th hour and not down to the wire we are right now and as we were two years ago in 2011. i think in their heart of hearts, republicans probably realize that, but you know what? we are in a very different world than we were even two years ago because of the fact that john boehner has gone down this road that he didn't want to go down to begin with, negotiating first on obama care, on the spend bill, and...
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Jan 15, 2013
01/13
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every year we pick a new city to explore. but thanks to hotwire, this year we got to take an extra trip. because they get us ridiculously low prices on really nice hotels and car rentals. so we hit boston in the spring-- even caught a game. and with the money we saved, we took a trip to san francisco. you see, hotwire checks the competitions' rates every day so they can guarantee their low prices. so, where to next? how about there? ♪ h-o-t-w-i-r-e... ♪ hotwire.com sven gets great rewards for his small business! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve great rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. >>> just remind you at the moment, the british
every year we pick a new city to explore. but thanks to hotwire, this year we got to take an extra trip. because they get us ridiculously low prices on really nice hotels and car rentals. so we hit boston in the spring-- even caught a game. and with the money we saved, we took a trip to san francisco. you see, hotwire checks the competitions' rates every day so they can guarantee their low prices. so, where to next? how about there? ♪ h-o-t-w-i-r-e... ♪ hotwire.com sven gets great rewards...
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Oct 1, 2013
10/13
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very quickly to the debt ceiling. there's a very long list of demands which republicans are laying out unprecedented on many levels. are we setting the stage for a bigger crisis now a couple of weeks away? >> i think anyone who assumes that washington will work out these fiscal crisis as they have in the past two years and that we -- it will all work out. you cannot be that optimistic anymore. have you to -- the percentage chances of default -- of a default are much higher after tonight. >> okay, ryan, sorry to interrupt. we really appreciate your insight. it's been great having you here. thanks for joining us. ryan lizza, a columnist with "the new yorker". >> much to think about what has just happened. you're watching live coverage, reaction to shutdown of the u.s. government. the stock market is something we're going to talk about now. a lot of people will be watching. hong kong and shanghai are closed for the holiday. here's how other exchanges are doing after this news. the nikkei is up 0.44%, so is the s&p asx 20
very quickly to the debt ceiling. there's a very long list of demands which republicans are laying out unprecedented on many levels. are we setting the stage for a bigger crisis now a couple of weeks away? >> i think anyone who assumes that washington will work out these fiscal crisis as they have in the past two years and that we -- it will all work out. you cannot be that optimistic anymore. have you to -- the percentage chances of default -- of a default are much higher after tonight....
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Jan 12, 2013
01/13
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ceiling for every $1 in deficit reduction. that's what we have to start using the debt ceiling to impose that spending discipline on this administration. face it, president obama is saying we don't have a spending problem. we have a spending problem, this nation. we have a deficit spending problem. >> right. >> we should be doing this incrementally. this is this debate is not going away. >> we've heard both sides, bumper stickers. back to my example of february the 15th. we had $52 billion in committed spending, $9 billion in money we're taking in. by the way, there isn't a chest of money sitting around for the extra stuff. i have a list there. interest, the biggest part. $30 billion. taking in $9 billion, have $30 billion in interest. you say there are other ways to handle that. tax refunds, federal salaries, military pay, $2.7 billion, medicare and med cape $2.3 billion, defense vendors, $1.5 billion, other stuff $4.4 billion. which one are you cutting, sir? >> you're taking a look at one day's -- >> i could pick any day. >>
ceiling for every $1 in deficit reduction. that's what we have to start using the debt ceiling to impose that spending discipline on this administration. face it, president obama is saying we don't have a spending problem. we have a spending problem, this nation. we have a deficit spending problem. >> right. >> we should be doing this incrementally. this is this debate is not going away. >> we've heard both sides, bumper stickers. back to my example of february the 15th. we...
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Oct 8, 2013
10/13
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then serious negotiations could proceed around every item in the budget. now, as soon as congress votes to reopen the government, it's also got to vote to meet our country's commitments, pay our bills, raise the debt ceiling because as reckless as a government shutdown is, the economic shutdown caused by america defaulting would be dramatically worse and i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they're already experiencing it right now, there's still some people out there who don't believe that default is a real thing and we've been hearing that from some republicans in congress ta default would not be a big deal. so let me explain this. if congress refuses to raise what's called the debt ceiling, america would not be able to meet all of our financial obligations for the first time in 225 years. and because it's called raising the debt ceiling, i think at lot of americans think, it's raising our debt. it is not raising our debt. this does not add a dime to our debt. it simply s
then serious negotiations could proceed around every item in the budget. now, as soon as congress votes to reopen the government, it's also got to vote to meet our country's commitments, pay our bills, raise the debt ceiling because as reckless as a government shutdown is, the economic shutdown caused by america defaulting would be dramatically worse and i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they're already...
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Jan 21, 2013
01/13
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the debt ceiling may get raised, but it's not being tackled long-term. >> it seems every single time consistently we get the opposite outcome. which means some areas are consistent and it raises debt levels going forward. >> it seems to me as though we can't fix this one because democratically it's not possible. why? because there are so many verses who are automatically vote to increase the debt because the number of people who own entitlements or benefits is relatively high. and i think you're seeing this failure both in the u.s., in germany and to an extent in the uk. >> the trouble is for all of those economies maybe some of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, therefore, i suppose what i struggle with is what solution can the government find? th
the debt ceiling may get raised, but it's not being tackled long-term. >> it seems every single time consistently we get the opposite outcome. which means some areas are consistent and it raises debt levels going forward. >> it seems to me as though we can't fix this one because democratically it's not possible. why? because there are so many verses who are automatically vote to increase the debt because the number of people who own entitlements or benefits is relatively high. and i...
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Jan 16, 2013
01/13
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treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize debt payments if congress doesn't raise the debt ceiling. >>> and president obama will unveil his gun control plan today at 11:45 eastern. he's expected to call on congress to ban military-style assault weapons and the type of high-capacity ammunition used in last month's school shooting in newtown, connecticut. the package will also include efforts to stop school bullying and invest available mental health services. may include several steps the president can take right away without congressional approval. >>> the house of representatives has passed more than $50 billion in aid for hur
treasuries tapping government workers' retirement funds to avoid hitting the debt ceiling. the treasury previously estimated the move would give it around $156 billion in additional borrowing capacity. it says retirees will still receive their benefits. in a letter to the house speaker john boehner, the treasury secretary says this step has been taken before during previous debt limit impasses. several conservative republicans are set to introduce legislation to direct treasury to prioritize...
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Oct 15, 2013
10/13
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here's when we're going to hit our debt ceiling. it doesn't matter whether we hit it on the 16th, 17th -- we should act. >> i want to make a brief note. president's known since may. he's had a chance to lead since may. at some point you can't just say it's all john boehner's fault. >> well, the house has -- >> he had a hundred things he could do, a hundred conversations he could have had, he did none of them. the most he did was make partisan speeches. if we do get to this situation, which i hope we don't get to. i don't see why we should. don't you see that the interest on the debt is the first call on any income. i think you'd have to have social security and veterans as part of that initial thing. would you support secretary of the treasury making that kind of judgment? how would, none of us want to get there, but if we did get there, how would you recommend the administration handling the actual day to day cash flow crisis? >> i think that the mere fact of talking about how the secretary of the treasury would prioritize our debt
here's when we're going to hit our debt ceiling. it doesn't matter whether we hit it on the 16th, 17th -- we should act. >> i want to make a brief note. president's known since may. he's had a chance to lead since may. at some point you can't just say it's all john boehner's fault. >> well, the house has -- >> he had a hundred things he could do, a hundred conversations he could have had, he did none of them. the most he did was make partisan speeches. if we do get to this...
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Jan 9, 2013
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i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're rising above. where's yours? we'll get you one. >> byron, i want to go through some of your predictions. >> surprises. >> surprise predictions, surprises that could come up over the course of next year. you spend a lot of time trying to figure out what the market's doing and consensus is and where it could be taken off guards in some places. i want you to react. start with number 10, that eu structural problems we main unresolved. when i first heard that, i don't think they will be unresolved. you're right, the market has bid things it's looking like the world is better. >> last year, all the european markets were up and europe was in a semi-recession and all the european markets were up semi-20% and i have them down this year in reaction. >>
i want to see one dollar of entitlement cuts for every dollar the debt ceiling is raised. >> you're not normally this mean, this nasty. >> i'm with you and you inspire me. >> you know what, we are coming together somewhere in the middle. you know what we're doing in a word, two words, we're rising above, dude. you got your pen? get you a pen. we're rising above. where's yours? we'll get you one. >> byron, i want to go through some of your predictions. >> surprises....
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Jan 13, 2013
01/13
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>> there's a good construct in terms of giving you know, $1 of increase in the debt ceiling for every dollar in deficit reduction. that's what we have to start using the debt ceiling to impose the spending discipline on this administration. and president obama saying that we don't have a spending problem. we have a spending problem in this nation. we have a deficit spending problem. that's where we have to start getting it under control. this debate is not going away. >> we've heard all of the, bumper stickers, let me bring you balk to my example of february 15th. we have $52 billion in committed spending. there isn't a chest of money sitting around for all the extra stuff. i've got a list, interest, which is the one you're talking, about the biggest parks $30 billion. we're talking in nine. we have 30 in interest. you've said there are other ways to handle that. you've got tax refunds, 6.6 billion. federal salaries 3.5 billion. military pay, 2.7 billion. medicare, medicaid, 3.2 billion. defense vendors, which one are you cutting, sir? >> ali, you're taking a look at one day's -- >> i
>> there's a good construct in terms of giving you know, $1 of increase in the debt ceiling for every dollar in deficit reduction. that's what we have to start using the debt ceiling to impose the spending discipline on this administration. and president obama saying that we don't have a spending problem. we have a spending problem in this nation. we have a deficit spending problem. that's where we have to start getting it under control. this debate is not going away. >> we've heard...
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Oct 9, 2013
10/13
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we must raise the debt ceiling, we must raise it now. a bedrock financial principle of government is to tell the world that the united states always pays its debts in full and on time. that's who we are. thank you, mr. president. a senator: mr. president? the presiding officer: the senator from maryland. mr. cardin: mr. president, i join my colleagues in taking the floor to stress the urgency of action. i agree with my colleague from massachusetts and her comments about the devastating impact that the failure to pay our bills would have on our economy, on our nation's reputation, and on the worldwide economy. that would make absolutely no sense at all and would put our nation at great risk. so i thank her or taking the time to explain the specific consequences if we were to allow the united states treasury to be put in the position where it couldn't honor all of the obligations that have already been incurred. this is not about increasing spending. this is about paying the bills that we've already incurred, whether it's those who hold ou
we must raise the debt ceiling, we must raise it now. a bedrock financial principle of government is to tell the world that the united states always pays its debts in full and on time. that's who we are. thank you, mr. president. a senator: mr. president? the presiding officer: the senator from maryland. mr. cardin: mr. president, i join my colleagues in taking the floor to stress the urgency of action. i agree with my colleague from massachusetts and her comments about the devastating impact...
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Oct 8, 2013
10/13
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ceiling. because as reckless as a government shutdown is, the economic shutdown caused by america defaulting, would be dramatically worse. i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they are already experiencing it right now, there are still some people out there who don't believe that default is a real thing. we've been hearing that from some republicans in congress that default would not be a big deal. let me explain this. if congress refuses to raise what's called the debt ceiling, america would not be able to meet all of our financial obligations for the first time in 225 years. and because it's called raising the debt ceiling, i think a lot of americans think, it's raising our debt. it is not raising our debt. this does not add a dime to our debt. it simply says, you paid for what congress has already authorized america to purchase, whether that's the greatest military in the world or veterans benefits or social
ceiling. because as reckless as a government shutdown is, the economic shutdown caused by america defaulting, would be dramatically worse. i want to talk about this for a minute because even though people can see and feel the effects of a government shutdown, they are already experiencing it right now, there are still some people out there who don't believe that default is a real thing. we've been hearing that from some republicans in congress that default would not be a big deal. let me...
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Oct 29, 2013
10/13
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booktv, every weekend on c-span2. >> next, a discussion on the government shut down, the debt ceiling, and health care law with the president of the nra and former adviser to richard nixon. this event hosted by the center of national interest is 90 minutes. >> [inaudible] i'm editor of national interest, and we have convened this meeting because of the crisis that we recently experienced the standoff of president obama and congressional republicans. in a number of questions emerged from that crisis include, but not limited to the future of the republican party itself, the impact on america's image abroad, and what it implies for the duration of president obama's presidency. to answer questions or attempt to address them, we've assembled a distinguished panel here today including david keen, the former chairman of the american conservative union and the current opinion editor of the washington times. david is a veteran, political observer, and has participated in republican party politics for several decades. to the immediate right is the grover m. herman fellow in federal best of my k
booktv, every weekend on c-span2. >> next, a discussion on the government shut down, the debt ceiling, and health care law with the president of the nra and former adviser to richard nixon. this event hosted by the center of national interest is 90 minutes. >> [inaudible] i'm editor of national interest, and we have convened this meeting because of the crisis that we recently experienced the standoff of president obama and congressional republicans. in a number of questions emerged...